FRIDAY, MAY 24, 1991
IN ON INFLATION, MR TANG POINTED OUT THAT WHILE THE REDUCTION THE EARLIER INCREASE IN TOBACCO DUTY SHOULD PROVIDE SOME RELIEF, LOCAL INFLATIONARY PRESSURES REMAIN STRONG.
"THE FORECAST OF THE RATE OF INCREASE IN THE CPI(A) FOR 1991 AS A WHOLE IS REVISED UPWARDS FROM 9.5% TO 11%. HOWEVER, SOME MODERATION IN THE INFLATION RATE IS EXPECTED FOR THE LATTER PART OF THE YEAR.
OF
"RELEVANT FACTORS INCLUDE THE RECENT STRENGTHENING OF THE US STABLE DOLLAR, LOWER OIL PRODUCT PRICES AFTER THE END OF THE GULF WAR, WORLD COMMODITY PRICES, LOWER INFLATION IN THE SUPPLIER COUNTRIES HONG KONG'S IMPORTS, AND A GENERALLY LESS RAPID INCREASE IN WAGES AND SALARIES.
LOCAL
MAY
BUILDING,
THE FIRST QUARTER ECONOMIC REPORT 1991 WILL BE ON SALE ON 25 AT THE GOVERNMENT PUBLICATIONS CENTRE GROUND FLOOR, GPO CONNAUGHT PLACE, CENTRAL, AT $23 A COPY.
THE UPDATED FORECASTS ARE AS FOLLOWS:
FORECAST FOR 1991
AS RELEASED ON
7.3.1991
(%)
CURRENT UPDATE
RELEASED ON 24.5.1991 (%)
GROWTH RATE IN REAL TERMS OF
PRIVATE CONSUMPTION EXPENDITURE GOVERNMENT CONSUMPTION EXPENDITURE
3.5
6
GROSS DOMESTIC FIXED CAPITAL FORMATION
TRANSFER COSTS OF LAND AND BUILDINGS BUILDING AND CONSTRUCTION
4.6
5
5.5
PRIVATE PUBLIC
4
en to La Lun to to c
3.5
6
5.7
5
6.7
6
8
8
REAL ESTATE DEVELOPERS MARGIN PLANT, MACHINERY AND EQUIPMENT
+
4.5
6.5
4
4.5
PRIVATE
3.5
4
PUBLIC
20
20
TOTAL EXPORTS OF GOODS
DOMESTIC EXPORTS
RE-EXPORTS
IMPORTS OF GOODS
10.3
10.3
2.5
2.5
15
15
10.7
10.7
EXPORTS OF SERVICES
6
5
IMPORTS OF SERVICES
7
7.5
GROSS DOMESTIC PRODUCT (GDP)
3.5
3.5
PER CAPITA GDP
2.4
2.4
GROWTH RATE IN MONEY TERMS OF :
GDP
12.3
13.3
PER CAPITA GDP
11.1
12.1
RATE OF INCREASE IN :
GDP DEFLATOR
DOMESTIC DEMAND DEFLATOR CONSUMER PRICE INDEX (A)
8.5
9.5
9.6
10.5
9.5
11
19